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NEO Banking - A Future Digital Banking, Development Scope, Threat and Challenges

What is Neo Banking? NEO banks are the banks which has no physical branches. NEO Banks are digital only financial institutions that operate exclusively online through websites and mobile apps.  The financial services industry has undergone massive transformations from manual to Core Banking and now digital without any physical branch. the evolution of banking has been marked by innovations aimed at making financial services more accessible, convenient, and efficient.   NEO Banks offers services like below: Account Management: Account Opening, Checking, Savings, and Money Transfers Loan Services: Quick and seamless loan approvals Low Fees: Minimal or no fees due to lower operational costs Tech Features: Budget tools, instant payments, and real-time alerts Why Are Neo Banks becoming popular now? Convenience : 24/7 mobile banking—no waiting in lines. Lower Fees : No hidden charges, free international transfers, and zero maintenance fees. User-Friendly Apps : Seamless, f...
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Rule 72

 Rule 72 is the useful Formula for finding how quickly amount will get double in value by discounting or by applying interest rate.

Dividing 72 by interest rate, we can come to know that in how many year given amount will get doubled.

Formula - 

72 / Interest Rate

Where, Interest Rate - Rate of Return on Investment

Lets us understand with example - 

Let suppose financial institution is launching a scheme to give 6% interest on investment. 

So if you will invest 1,00,000/- amount in above given scheme, your investment will get double i.e 2,00,000 in period 72/6 = 12 years

If the same scheme revises the interest rate to 8%, then the same invested amount 1,00,000/- will get double in 72/8= 9 years.  

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